Aequitas – January ’15 Capital Markets Monthly

Heightened market volatility characterizing the end of 2014 carried into the new year, as equity and debt markets were buffeted throughout January by renewed global growth concerns, particularly in the Euro-zone, a soaring USD (reflecting bifurcation between the US and ROW (Rest of World)), and further dramatic declines in oil (down another 9.5% for the month to close 55% below its 52-wk high). The “risk off” bias resulting from this price action left all major US equity indices lower for the month, sent Treasury prices soaring/benchmark rates down, and pushed corporate spreads wider across the credit spectrum. New issue activity for the month was, predictably, less than robust, but began to stabilize as market participants got back to business.

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